Answer: Physical safeguard & security, Accuracy, Segregation of duties, Handling errors
Explanation:
Internal control could be defined as the process of handling an organization accounting and auditing process with it's specified objectives in compliance with laws, regulations and policies.
Here are the four purpose of internal control;
a) Physical safeguard & security; this is to ensure that physical assets and information have a controlled asses, and it's not easily assessible by anyone.
b) Accuracy: this is to ensure that all transactions are accurate when records are checked with the source of information where the transaction took place and the time it occurred.
c) Segregation of duties; this ensures that one individual cannot have access to the recording of information and processing of transaction.
d) Handling errors; this ensures that errors are checked at any stage with transaction occurred with corrections also made
Answer:
Dividend Paid $743
Explanation:
From retained earnings, we can work out dividend paid
Retained earnings beginning $460
Net income for the year $993
Retained earnings-closing ($710)
Divided paid $743
Answer:
0.6 or 60%
Explanation:
The country's productivity has grown at = 3% - 2% = 1%
Physical capital per worker has grown at = 4% - 2% = 2%
How much has growing physical capital per worker contributed to productivity growth in this country?
productivity increase per 1% of increase in physical capital per worker x growth rate of physical capital per worker = 0.3 x 2% = 0.6%
0.6% / country productivity growth = 0.6% / 1% = 0.6 or 60%
Answer:
See below
Explanation:
Price elasticity of demand describes how responsive the product of a product is to changes in its price. The term elasticity originates from elastic, which means to stretch. A product is price elastic if a small change in price has a significant impact on its demand. Should the price increase by a small percentage, the demand decreases by a considerable difference.
The demand for some products does not react to changes in prices. A small percentage increase or decrease in price does not result in a big change in the quantity demand. Such products are said to be price inelastic.
Substitute goods or goods with close alternatives are the most price elastic. A small change in price will make consumers consider the other alternatives. Examples of price-elastic goods and services include transport services, furniture, motor vehicle, and professional services such as lawyers, doctors, and auditors.
